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is the season for giving, but don't let washington fiscal cliff talks cloud your judgment for finding the best cherries for your dope. our experts shares tips on what you need to know. we are on the case next on "the willis report". ♪ site it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. ro price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. ♪ gerri: big changes coming to tech giant ibm that may change the way you save for retirement. i'll break it down in 60 seconds. ♪ gerri: there is the story out there not getting a lot of attention today that you need to hear about, particularly if you care about your retirement. ibm overhauling its retirement program. instead of contributing to its employees 401(k) over time, the company will opt to contribute a lump-sum payment once per year. this may not sound like a big change, but the move undermines the very idea of retirement savings. look, the attraction of a fox business
is the season for giving, but don't let washington fiscal cliff talks cloud your judgment for finding the best cherries for your dope. our experts shares tips on what you need to know. we are on the case next on "the willis report". ♪ site it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. ro price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider...
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towards the fiscal cliff. once considered untouchable third rail, changes to social security and other so-called entitlements are now being seriously discussed. >> we really have not gun to talk about real entitlement reforms. the only way you have true avoidance where you have solution is to mix an appropriate amount of revenues with true entitlement reform. and until the debate moves to that point, there's no serious debate taking place. >> house republicans offered a framework that includes raising the medicare eligibility age from 65 to 67 squeezing out savings from social security by changing the way inflation is calculated, and possible means testing that could disqualify wealthier, older americans from the medicare program. lawmakers insist any changes will be done gradually and will not impact current retirees, but that's not soothing the fears of seniors who say inflation adjustments will have an immediate impact. >> to tell somebody living on social security, and we have something in the order of one
towards the fiscal cliff. once considered untouchable third rail, changes to social security and other so-called entitlements are now being seriously discussed. >> we really have not gun to talk about real entitlement reforms. the only way you have true avoidance where you have solution is to mix an appropriate amount of revenues with true entitlement reform. and until the debate moves to that point, there's no serious debate taking place. >> house republicans offered a framework...
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see you mondays. >>> house speaker john boehner says fiscal cliff talks remain stuck in neutral. >> the president insist on his position. insist on my way or the highway. >> well, going over that highway and the fiscal cliff would kill thousands of jobs, especially in the defense sector and the head of a defense contractor who will feel that pain joins us next along with former vermont governor howard dean who argues maybe going over the fiscal cliff will be the best thing for the nation. >>> later, we have the former chairman of the council of economic advisers under president bush. he's going to join us as well as laura tyson, the former head of the cea under president clinton. we're going to get their take on the cliff and today's jobs number. >>> also, tough week for apple shares. is now the time to load up? stick around for the apple trade in the back half of this hour. stay tuned. [ male announcer ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more
see you mondays. >>> house speaker john boehner says fiscal cliff talks remain stuck in neutral. >> the president insist on his position. insist on my way or the highway. >> well, going over that highway and the fiscal cliff would kill thousands of jobs, especially in the defense sector and the head of a defense contractor who will feel that pain joins us next along with former vermont governor howard dean who argues maybe going over the fiscal cliff will be the best thing...
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blamed. >> 53 percent would blame republicans if we go over the cliff. only 29 percent would blame the president. >> if you cannot get over you go over the fiscal cliff and taxes go up for everyone. >> if there is in deal do you blame the republicans for ruining christmas? >>governor huckabee: the grinch that stole christmas they are called republicans. the media will spend this as the republicans will not come to the table but the republicans came to the table. they brought out $800 billion of taxes. what did they get in nothing. they got balloon juice because the democrats said here is the deal. we will thing about some cuts. we are not sure when or how much or where but we will get back to you. you go lady and raise the taxes. people if the republican party can tut go for that although they will get blamed for the disaster and the train wreck this is coming. >>neil: i tell people to look at coverage and say, did you wonder why republicans are obstinate wanting to hike taxes more, but, democrats are not when they don't want to cut spending? i say you g
blamed. >> 53 percent would blame republicans if we go over the cliff. only 29 percent would blame the president. >> if you cannot get over you go over the fiscal cliff and taxes go up for everyone. >> if there is in deal do you blame the republicans for ruining christmas? >>governor huckabee: the grinch that stole christmas they are called republicans. the media will spend this as the republicans will not come to the table but the republicans came to the table. they...
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the fiscal cliff is just a small down payment on paying the piper. we have to pay for all this government. the big mistake is growing government. >> although there's a room for balance, i don't say peter's wrong entirely, the fact of the matter is the top 2% are not paying their fair share. american people don't think so. the numbers don't add up. if you want a deal here, you're going to have to raise the rates and then if you want to talk about spending cuts, as i think the president will eventually do, you'll see a last-minute agreement. >> first of all, i'm in the top 2%. i'm paying 45% of my total income in income tacks boxes to state of connecticut and the government. >> you need a better accountant, peter. >> more than half of my income is going to go to the government. you tell me, what's fair about that? >> i'll tell you what's fair about that -- >> i'm paying half. excuse me. i don't care what the majority voted to do. they don't have a right to steal my money just because they vote for it. >> i'll tell you what the problem is. we're in a cr
the fiscal cliff is just a small down payment on paying the piper. we have to pay for all this government. the big mistake is growing government. >> although there's a room for balance, i don't say peter's wrong entirely, the fact of the matter is the top 2% are not paying their fair share. american people don't think so. the numbers don't add up. if you want a deal here, you're going to have to raise the rates and then if you want to talk about spending cuts, as i think the president...
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at the fiscal cliff which is closing the market again. most of us didn't think this year should have been a stronger year that it turned out to be so facebook was a big disappointment and the trading of these ideas was challenging and we think that is something the market has to deal with. cheryl: mike was 12 years ago. kathy smith, thank you very much. i do want to show you something happening in the markets as the dow, we are sitting actually at session highs. we are pushing session highs. futures have a negative open with the jobs report and the story changed. closing bell is going to ring in 17 minutes. of head of the fiscal cliff, investors looking for a short thing. after the break, going to be back with stocks that might be the right fit for you. calls them sexy, not sexy. sexy and save. we will ask when she comes back. there is no mass-produced hun. every human beg is unique. and there is one store that recognizes it. the sleep nuer sto. the only place in the world you'll find the extraordinarily comfortable sleep number experienc
at the fiscal cliff which is closing the market again. most of us didn't think this year should have been a stronger year that it turned out to be so facebook was a big disappointment and the trading of these ideas was challenging and we think that is something the market has to deal with. cheryl: mike was 12 years ago. kathy smith, thank you very much. i do want to show you something happening in the markets as the dow, we are sitting actually at session highs. we are pushing session highs....
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a greater understand we need to sit down and work together and avoid this fiscal cliff. >> debbie, always a pleasure. good to see you. let's bring in lori montgomery for "the washington post," democratic strategy blake zeff. we decided to focus on this today. lori, let me start with you. both house leaders today, it really seems as if talks are -- it seems they're at a standstill, but our first read team is convinced a deal is in sight. we heard from debbie wasserman schultz she heard a deal is in sight. what are you hearing? >> you can see what the framework of a deal is, and i think today you heard speaker boehner. his office tried to walk it back, but for the first time he made public remarks where he didn't rule out an increase in tax rates. you have to wonder if they don't start to move towards a resolution it to what has been the big stumbling point. >> zachary, she mentioned an increase in rates. it would seem that the magic number might be 37%. the president said 39.5% for the highest income earners. right now we're at 35%. maybe i'm oversimplifying, but the obvious compromise wou
a greater understand we need to sit down and work together and avoid this fiscal cliff. >> debbie, always a pleasure. good to see you. let's bring in lori montgomery for "the washington post," democratic strategy blake zeff. we decided to focus on this today. lori, let me start with you. both house leaders today, it really seems as if talks are -- it seems they're at a standstill, but our first read team is convinced a deal is in sight. we heard from debbie wasserman schultz she...
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congressman allyson schwartz sat down with national journal's ron brownstein to talk about the fiscal cliff, job creation, and deficit reduction. >> fed me introduce the moderator, ron brownstein. he is the editorial director of "national journal" and the atlantic. he oversees political coverage coming out of our company. he writes a weekly column for national journal and on major cable networks regularly. he is the most astute analyst in washington. we have had changes. gene could not make it at the last minute. there is a meeting going on right now, which may be productive. we have congresswoman allyson schwartz from pennsylvania, who has served on the ways and means committee in the house and now on the budget committee. she has become a big deal. we are happy to have you. >> thank you. gene was summoned a way for a meeting, which may or may not be good news on the fiscal front. i hope this will be less eventful than the last panel i moderated. i was at harvard where they do the debrief every four years with the senior campaign officials of both teams. all of the power went out in
congressman allyson schwartz sat down with national journal's ron brownstein to talk about the fiscal cliff, job creation, and deficit reduction. >> fed me introduce the moderator, ron brownstein. he is the editorial director of "national journal" and the atlantic. he oversees political coverage coming out of our company. he writes a weekly column for national journal and on major cable networks regularly. he is the most astute analyst in washington. we have had changes. gene...
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fiscal cliff worries still weighing down the market. adam: deal or no deal, the federal government will still be flowing through trillions of dollars we do not have. it is all about spending. next. ♪ adam: today's jobs report beating estimates, 146,000 jobs created in november and the unemployment rate dropping to the lowest rate since december 2008 at 7.7%. nicole petallides on the floor of the new york stock exchange. welcome back, nicole. what's going on? >> thanks, adam and melissa. we're looking at a market holding onto some gains so that is obviously a positive sign. december is traditionally the a great month on wall street. the best month since back to 1950, s&p 500 best performing month, up 1.7%. here is as we see the divergence here's what we're seeing lately as there is so much concern about the fiscal cliff. the nasdaq is down about half a percent. the dow down half a percent. s&p also gaining. dow jones industrials up 59 points. some names leading the you way include caterpillar and jpmorgan. pulling other the way way, mi
fiscal cliff worries still weighing down the market. adam: deal or no deal, the federal government will still be flowing through trillions of dollars we do not have. it is all about spending. next. ♪ adam: today's jobs report beating estimates, 146,000 jobs created in november and the unemployment rate dropping to the lowest rate since december 2008 at 7.7%. nicole petallides on the floor of the new york stock exchange. welcome back, nicole. what's going on? >> thanks, adam and melissa....
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. >> what about the fiscal cliff? you brought it up. do you think they will take us over the cliff at this point and how damaging if that happens would it be not only to entrepreneurship but to the country as a whole? >> i think it will be troubling. hopefully they won't. i know there is a lot of posturing and hopefully a lot of quiet negotiations happening and hopefully there will be a resolution that can build pore. it is important not just for the fiscal cliff. i think the country and actually the world is looking at washington saying can these guys work together in a collaborative bipartisan way to deal with fiscal issues, our entrepreneurship issues, we have to start building that bipartisan support. congress did come together, republicans and democrats, house and senate with support of the white house to pass the jobs act around access to capital for entrepreneurs so we have some example of that. hopefully that momentum will continue not just on the fiscal cliff in the coming weeks but issues like the start-up act 2.0 in the comin
. >> what about the fiscal cliff? you brought it up. do you think they will take us over the cliff at this point and how damaging if that happens would it be not only to entrepreneurship but to the country as a whole? >> i think it will be troubling. hopefully they won't. i know there is a lot of posturing and hopefully a lot of quiet negotiations happening and hopefully there will be a resolution that can build pore. it is important not just for the fiscal cliff. i think the...
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cliff. it's time for the president, if he's serious to come back to us with a counter offer. >> the president told a virginia family on thursday he won't back down on taxing the rich. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. >> the rebels gain on assad raising fears he might use chemical weapons. that was enough to frighten the russians into talking with hillary clinton about a political transition. >> the united states stands with the syrian people in insisting that any transition process re -- result in a unified democratic syria in which all citizens are represented. the future of this kind cannot possibly include assad. >> a tragic turn of events in london. the nurse that first transferred that prank call to duchess catherine is found dead. david axelrod shaves it all off on "morning joe." >> joe scarbor
cliff. it's time for the president, if he's serious to come back to us with a counter offer. >> the president told a virginia family on thursday he won't back down on taxing the rich. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one. >> the rebels gain on assad raising fears he might use chemical...
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gives him a chance to go out there and have some momentum going into the fiscal cliff talks. i was just at the speaker's press conference down the hall at the top of last hour and he said look, there's no progress being made and his call with the president was just more of the same and the staff talks behind the scenes yesterday were more of the same. he didn't give us a whole lot of optimism going into this weekend here, alex. >> here's my question. i have many questions, but when we get these numbers, this is always confusing to me. last time we talked there was discussion on twitter and concern circles the bls was populated by about a socialist revolutionaries cooking the numbers for obama. those numbers have been revised downwards. may happen for november. why do analysts keep getting them wrong and when you think about the unemployment rate, theoretically we want it to go down but as you're explaining when it's going down that's not actually a good sign for the american people. down is bad, up can be good except when it's bad. the bcs is reliable except when they get it
gives him a chance to go out there and have some momentum going into the fiscal cliff talks. i was just at the speaker's press conference down the hall at the top of last hour and he said look, there's no progress being made and his call with the president was just more of the same and the staff talks behind the scenes yesterday were more of the same. he didn't give us a whole lot of optimism going into this weekend here, alex. >> here's my question. i have many questions, but when we get...
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cliff down the road. i hope we will not do that. i still think there is time before the end of the year to let that happen but again again if it doesn't happen unfortunately what that does is throw up another debt ceiling this way which is just not good for our country. we would be so much better off starting january the first looking in the rearview mirror. our economy would take off in our country would be so much better off. >> chris, you understand the politics of the house from both sides. can john boehner cut a deal without eric cantor and paul ryan? >> well i have a pretty good understanding of the house, but i'm always wondering into leadership politics. just to broaden the question a little bit, i think the question is whether or not the speaker is going to be able to bring a good part of his caucus, and that will require a united leadership team. >> just to interrupt, and talking short-term. >> i understand and i think that is going to be a requirement. i think one of the decisions that the spea
cliff down the road. i hope we will not do that. i still think there is time before the end of the year to let that happen but again again if it doesn't happen unfortunately what that does is throw up another debt ceiling this way which is just not good for our country. we would be so much better off starting january the first looking in the rearview mirror. our economy would take off in our country would be so much better off. >> chris, you understand the politics of the house from both...
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as john points out, it's a proxy for the fiscal cliff. that's exactly what's going on. if you look at this desk, there appears to be a 200-pound weight ape coring down the desk because you have the gargantuan brothers sitting over there. you've got these weekly options, december options expiration, tax loss selling and it's pulling like a weight toward that $500 level. that doesn't mean that longer term this is not still a fundamentally sound company and it doesn't mean that the apple television story is dead either. >> all right. let's fast forward to next week where you know they'll be in focus. mike, you've heard the banter on the desk. what's the reason you think that apple has had this tumultuous week it's han, the worst in 2 1/2 years. >> look. i think apple became for good and bad reasons kind of the proxy for everything people hoped out of the market and i think the fever has to break and is in the process of breaking. the stock's down $176,000 but to to level, an increase, up 66% since the beginning of last year and it's still 100 billion dollars. that psycholo
as john points out, it's a proxy for the fiscal cliff. that's exactly what's going on. if you look at this desk, there appears to be a 200-pound weight ape coring down the desk because you have the gargantuan brothers sitting over there. you've got these weekly options, december options expiration, tax loss selling and it's pulling like a weight toward that $500 level. that doesn't mean that longer term this is not still a fundamentally sound company and it doesn't mean that the apple...
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. >> two peanuts for walking down the street. and he knows it. >> germans not known for their joke telling. [ laughter ] >> stephanie: all right. david limbaugh? >> yeah. rush's younger brother. >> his demand involve spending increasing, no decreases, at least under the fiscal cliff we have some mandatory cutting, albeit disproportionately to defense spending but it's better than accepting obama's terms crammed down our throat. boehner needs to paint obama as the one who is holding the country hostage. he wants to talk about holding the middle class hostage? no it's him holding the entire country hostage and our kids hostage, with his krin call refuse ool to enter the entitlement reform game. >> wow, he is really bad. >> stephanie: yeah i can see why he didn't get the radio show. >> sheky. >> stephanie: that was so merrill osmond. >> merrill was kind of the leader. >> stephanie: i dove donnie. steve doocy. >> europe is great because they have wonderful food and runny cheeses, but we shouldn't base our policies on theirs because t
. >> two peanuts for walking down the street. and he knows it. >> germans not known for their joke telling. [ laughter ] >> stephanie: all right. david limbaugh? >> yeah. rush's younger brother. >> his demand involve spending increasing, no decreases, at least under the fiscal cliff we have some mandatory cutting, albeit disproportionately to defense spending but it's better than accepting obama's terms crammed down our throat. boehner needs to paint obama as the...
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this all comes as we get word that the fiscal cliff talks will boil down to what happens between two people and only two people. president obama and john boehner. even all sides of the party are excluded. >>> with 25 days before taxes go up for nearly every single american, what effect will the jobs report have on the fiscal standoff? we'll get live remarks from john boehner who is going to try to use the jobs report to the republican's advantage. representative, let's start with the november jobs report numbers. they look very good, good news overall for the koirnlt tree. but speaker boehner said this, the democrats plan to slow walk our economy to the edge of the fiscal cliff instead of engaging in serious talks to avert the cliff, that includes spending cuts and tax reforms the president once supported. the white house has only offered a joke. i understand we have speaker boehner to the microphones. let's take a listen. >> when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. eight days ago secretary geithne
this all comes as we get word that the fiscal cliff talks will boil down to what happens between two people and only two people. president obama and john boehner. even all sides of the party are excluded. >>> with 25 days before taxes go up for nearly every single american, what effect will the jobs report have on the fiscal standoff? we'll get live remarks from john boehner who is going to try to use the jobs report to the republican's advantage. representative, let's start with the...
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but slowly we are being weighed down by the fiscal cliff. cheryl: that means a new year's eve selloff. >> you will not time it if you are an investor. focus on companies that have strong balance sheets, pay a good dividend and have strong growth rates. five more of your favorite names on market selloff when you have more opportunity. cheryl: pier one is a risky play. >> the consensus estimate is for growth rate over the next five years. they seem to have finally fixed their project mix. i go with what my wife and friends do and they like to go back into pier one to shop now. cheryl: i haven't been to one in years, i better go check it out. thank you very much. dennis, over to you. dennis: d has an app for that. it could cost them a lot of money. do not change the channel. up next, the batmobile. how much would you bid? take a look at tenure treasuries first. ♪ [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike. she knows the potential for making or losing money can pop up anytime. that's why
but slowly we are being weighed down by the fiscal cliff. cheryl: that means a new year's eve selloff. >> you will not time it if you are an investor. focus on companies that have strong balance sheets, pay a good dividend and have strong growth rates. five more of your favorite names on market selloff when you have more opportunity. cheryl: pier one is a risky play. >> the consensus estimate is for growth rate over the next five years. they seem to have finally fixed their project...
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cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly making that case. it is now up to conservatives to do that. demint will be leading charge. jon: he is the hero of the tea party which did so much damage to liberals in the 2010 election. >> done so much damage to themselves. harry reid would all agree would not be in the senate if not for the tea party nominating sharron angle, not not a strong candidate. delaware, todd aiken in missouri. tea party done a lot of damage to republican party. you would probably have senate republican leader mitch mcconnell if not for the tea party. to monica's point, jim demint will create problems from somebody like joh
cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly...
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the timing is interesting, obviously, just as we're learning that fiscal cliff negotiations are now a party of two, the president and the speaker. the "new york times" reporting that house speaker john boehner wants to speak only to president obama out of public view. though we've just learned that boehner is holding a news conference at 11:00 this morning eastern time. the fight, though, still very public. vice president joe biden is meeting with a middle class family. and yesterday president obama met with a virginia family. tax hikes for the rich are nonnegotiable. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is for families like this one. >> joining me now is barry, msnbc political contributor and editor for grio. hello, guys. >> perry, i'm wondering if these new unemployment numbers add to the president's leverage? >> i think they do. the big thing is the election. but the jobs numbers suggest that the economy is doing well and it cuts
the timing is interesting, obviously, just as we're learning that fiscal cliff negotiations are now a party of two, the president and the speaker. the "new york times" reporting that house speaker john boehner wants to speak only to president obama out of public view. though we've just learned that boehner is holding a news conference at 11:00 this morning eastern time. the fight, though, still very public. vice president joe biden is meeting with a middle class family. and yesterday...
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now, economists say these numbers are huge for fiscal cliff negotiations. they back president obama's argument that the economy is doing well enough to handle attack -- handle a tax hike for wealthier americans. >> the fact that this this report is strong, i think puts a little bit of wind in his sails. >> reporter: john boehner is holding a news conference here on capitol hill. he's now lead -- he's now leading the negotiations with president obama. we will show -- we will show you -- tell you what he has to say coming up next hour. >>> starting next year, apple will start making some of its products here in the u.s. apple's ceo tim cook says one of its manufacturing operations will be moved here from china. it's not clear where that assembly plant will be. that announcement comes as criticism is mounting. >>> well, clorox corporation has a deal with a san diego- based investor to sell its headquarters building in downtown san diego. west core properties agreed to buy the 24-story building on broadway. the terms of the deal, that has not been disclosed. bu
now, economists say these numbers are huge for fiscal cliff negotiations. they back president obama's argument that the economy is doing well enough to handle attack -- handle a tax hike for wealthier americans. >> the fact that this this report is strong, i think puts a little bit of wind in his sails. >> reporter: john boehner is holding a news conference here on capitol hill. he's now lead -- he's now leading the negotiations with president obama. we will show -- we will show you...
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. >>> also weighing on job creation, the looming fiscal cliff at year's end. aides to president obama and house speaker john boehner, sitting down on thursday. but no progress was made. the sticking points, tax rates for wealthy americans, a possible lifting of the nation's debt ceiling and cutting spending on entitlements. >>> and in yet another bizarre twist in the bizarre saga of software tycoon john mcafee. mcafee was rushed to the hospital thursday from a detention center in guatemala city, after complaining of chest pains. he's now back in his cell and could be send back to belize, where police want to question him about the murder of his neighbor. >>> now, here's diane sawyer with a preview of tonight's "world news." diane? >> so, josh, it's friday. it's great to talk to you. and how about a holiday tradition for years? everybody wondering, what happened to the determined little boy they loved? well, he's all grown up. and he has a perfect gift for you. tonight, behind the scenes of a christmas classic. and he is our "person of the week" tonight. >> can
. >>> also weighing on job creation, the looming fiscal cliff at year's end. aides to president obama and house speaker john boehner, sitting down on thursday. but no progress was made. the sticking points, tax rates for wealthy americans, a possible lifting of the nation's debt ceiling and cutting spending on entitlements. >>> and in yet another bizarre twist in the bizarre saga of software tycoon john mcafee. mcafee was rushed to the hospital thursday from a detention center...
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the other night i left the fiscal cliff behind and took a walk through new york city. it was great. the lights, the christmas tree, rockefeller center, crowds of people with their children. was such a switch. "varney and company" will not walk away from the fiscal cliff but we will bring you the real america, the responsible america, the way it is and the way it ought to stay. i hope you all have a wonderful american weekend. test test. there is no mass-produced human. every human being is unique. and there is one store that recognizes it. the sleep nuer store. the only place in the world you'll find the extraordinarilcomfortable sleep number experience. an exclusive collectioof innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. temperature-balancing bedding. dual warmth comforters. all designed around the sleep number bed: a bed with dual-air technology that alls you to adjust to the support your body needs. each of your bodies. in the name of human individuality: the sleep number collection. discover how our sleep p
the other night i left the fiscal cliff behind and took a walk through new york city. it was great. the lights, the christmas tree, rockefeller center, crowds of people with their children. was such a switch. "varney and company" will not walk away from the fiscal cliff but we will bring you the real america, the responsible america, the way it is and the way it ought to stay. i hope you all have a wonderful american weekend. test test. there is no mass-produced human. every human...
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cliff photo-op of yesterday which was the president meeting with the middle class family. now to jobs. we have something of a surprise report. jobs turned out to be up up. the jobless rate is down and the word from the government is that sandy had no substantive effect on the data. here are the numbers. unemployment down to 7.7%. the economy added 146,000 jobs, not great but good. a third of that came from the retail sector. 53,000 jobs added. professional and business services up 43,000. leisure and hospitality up. construction, though, lost 20,000 jobs. we should note that jobs numbers were revise d downward, though, for september and october. in september it was revised from 148,000 gain to 238,000. went from 138,000 to 132,000. this month, the 7.7 is a full point lower than where we were at this time last year. so what are we supposed to make of these numbers and does the november report provide us a real sense of where this recovery is right now? let's bring in the man we like to bring in every month, the chief economist for moody's analytics. mark, i have to start wi
cliff photo-op of yesterday which was the president meeting with the middle class family. now to jobs. we have something of a surprise report. jobs turned out to be up up. the jobless rate is down and the word from the government is that sandy had no substantive effect on the data. here are the numbers. unemployment down to 7.7%. the economy added 146,000 jobs, not great but good. a third of that came from the retail sector. 53,000 jobs added. professional and business services up 43,000....
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if the fiscal cliff has you nervous, this may be some relaxing news. as of midnight last night, washington is now the first state in the united states to legalize marijuana for adult recreational use, but the law is not without complications. jane wells is live in l.a. with more on that story. good morning, jane. >> hi, carl. lighting up in seattle is one thing. figuring out how these laws are going to work is another. pot possession may be legal in washington, but it will be another year before the state sets up the bureaucracy, creating a network of legal growers and retailers. they're going to have to set standards for thc. but what about pricing? the state is hoping to raise $600 million a year for pot and they say it could add 5% to gross state product by 2017. but ktlu reports the state's office of finance management says retail prices and medical pot clinics are already $3er gram higher than street prices and you add in taxes. are people going to pay more if they can get it for less. and in colorado, its pot law goes into effect next month but t
if the fiscal cliff has you nervous, this may be some relaxing news. as of midnight last night, washington is now the first state in the united states to legalize marijuana for adult recreational use, but the law is not without complications. jane wells is live in l.a. with more on that story. good morning, jane. >> hi, carl. lighting up in seattle is one thing. figuring out how these laws are going to work is another. pot possession may be legal in washington, but it will be another year...
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and talk one-on-one to try to work out this fiscal cliff situation but both sides appear to be very far apart still. >> it should be no substitute for our passing a middle income tax cut now. >> there are ways to limit deductions, close loopholes and have the same people pay more, more of their money to the federal government without raising tax rates. >> they will lose completely by the end of the year their benefits. this is the real cliff. martha: all right. we're joined now by chris wallace, anchor of "fox news sunday". chris, good morning. good to see you. a lot of hubbub today about the fact that john boehner and the president are going to sit down one-on-one. there is a lot of optimism i heard from many circles this morning that this means something is going to happen, that something will get done. should we believe that? >> well i wouldn't be that optimistic. i have a memory at least as long as august of 2011 when the two them sat down together and were negotiating the debt debacle. that didn't go so well. martha: no, it did in the. >> it completely fell apart. it is good th
and talk one-on-one to try to work out this fiscal cliff situation but both sides appear to be very far apart still. >> it should be no substitute for our passing a middle income tax cut now. >> there are ways to limit deductions, close loopholes and have the same people pay more, more of their money to the federal government without raising tax rates. >> they will lose completely by the end of the year their benefits. this is the real cliff. martha: all right. we're joined...
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cliff. we only have 25 days until the tax hikes and spending cuts start to take effect. here is the thing. this number came in much better than expected, don. so the bad part about this is that it may not motivate all those politicians on capitol hill as much as it may have, if it came in much weak er. this may not light the fire, so to speak. that could be the downside to the upside surprise to the number. don? >> alison, stick around. we'll get back to you as well. >>> from wall street now to washington where the white house is keep iing a close eye on today's numbers. brianna keilar joins us now live. good morning, brianna. >> reporter: good morning to you, don. we're still awaiting reaction from the white house and also from congssional republicans. they've long said at the white house, take a look at the trend of these nuchls over the month. so this number, paired with the last couple of months on its face, they will say the trajectory looks good, obviously more needs to be done. maybe
cliff. we only have 25 days until the tax hikes and spending cuts start to take effect. here is the thing. this number came in much better than expected, don. so the bad part about this is that it may not motivate all those politicians on capitol hill as much as it may have, if it came in much weak er. this may not light the fire, so to speak. that could be the downside to the upside surprise to the number. don? >> alison, stick around. we'll get back to you as well. >>> from...
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we know there is broad agreement that going over the so-called fiscal cliff would jeopardize the economic recovery. it would do that by increasing taxes on families, halting employment growth, driving unemployment up instead of down, triggering a deep cuts to programs that families across the country count on. the job before the united states congress is to reach an agreement that builds on the economic progress that we are making, and puts us on a path to fiscal stability. we need to cut more spending, and generate more revenue. we need to do it in a smart way that keeps our economy growing. earlier this year, congress extended the payroll tax cut through 2012. the two percentage point payroll tax cut has played an important role to sustain the recovery. boosting economic growth by an estimated 0.5% of one percentage point, and creating 400,000 jobs. we should continue the payroll tax cut through 2013, and yesterday i introduce legislation that would keep the employee payroll tax at 4.2% next year. to keep the economy growing -- there is good evidence of that in the last couple of months
we know there is broad agreement that going over the so-called fiscal cliff would jeopardize the economic recovery. it would do that by increasing taxes on families, halting employment growth, driving unemployment up instead of down, triggering a deep cuts to programs that families across the country count on. the job before the united states congress is to reach an agreement that builds on the economic progress that we are making, and puts us on a path to fiscal stability. we need to cut more...
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. -- i do think we need to go over the fiscal cliff. host: here is the story from the "new york times" today. we are talking about the fiscal cliff negotiations and whether compromise or sticking to principles should be what members of congress and the president should do here. a couple of weets this morning. when leaders say -- when people say leaders should stick to their principles, they mean leaders should stick to my principles. a lot of columns this morning talking about this issue, the ongoing fiscal cliff negotiations. here is "the washington post." we are taking your thoughts on the issue. but gutted the independent line. welcome to the "washington journal." caller: i agree also with a caller on the democrat line. i agree with what he was referring to -- c-span changing a with bias. the issues, they did not talk about it. the ones who are behind it are the political parties. the industrial military complex host: if the country does off of the fiscal cliff, who do you think it's more of the blame on this? it is the president of
. -- i do think we need to go over the fiscal cliff. host: here is the story from the "new york times" today. we are talking about the fiscal cliff negotiations and whether compromise or sticking to principles should be what members of congress and the president should do here. a couple of weets this morning. when leaders say -- when people say leaders should stick to their principles, they mean leaders should stick to my principles. a lot of columns this morning talking about this...
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consumer spending is down. >> i want to thank tiffany. >> the fiscal cliff negotiations are down to president obama and john boehner. the uncertainty could take a toll. >> it hasn't affected hiring and layoff decisions yet but it will if we get into next year and haven't nailed this down. >> on monday the president travels to michigan to talked economy at a diesel plant. >> why is superstar sandy plain such a role in the jobs report? >> 24 states were affected one way or the other. businesses had to shut down. between the fiscal cliff and senate come when my has seen it up to 200,000 jobs added. instead we're looking at something more like 100,000 we think. not very good. >> tara mergener, thank you. you can apply for official federal assistance immediately. the deadline is this month for some workers. for more affirmation, call 288- 9050. >> 33 degrees at the airport. after some criticism, could apple be in sourcing its next big project? >> will you be putting fewer gifts under the christmas tree this year? >> a day that still lives in infamy. the anniversary of the attack on pearl harbor. >
consumer spending is down. >> i want to thank tiffany. >> the fiscal cliff negotiations are down to president obama and john boehner. the uncertainty could take a toll. >> it hasn't affected hiring and layoff decisions yet but it will if we get into next year and haven't nailed this down. >> on monday the president travels to michigan to talked economy at a diesel plant. >> why is superstar sandy plain such a role in the jobs report? >> 24 states were...
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i'm really worried with the fiscal cliff and all this conversation that donations will be down this year. please come out and support us again. >> let's up spire them a little bit. the workers are busy getting set up. we have lots of empty bins. we have the truck there to stuff. people need to understand this does make a difference. >> it definitely does. we always need food, friend and volunteers and fun. but we are always in need of those. the community is over 6 # 0,000 people at risk of hunger in the metro area. meese do your part. >> thank you. we'll check back in with crystal throughout the morning. -- the community is over 680,000 people at risk of hunger in the martyier. >> someone who supports montgomery county all the time. chief rich bauer. >> good morning, holly. >> he hay busy schedule today. says i need to be there early because that is the only way i can get it on so thank you. >> you're welcome. thank you. >> it is porn to you and important to the fire department for you guys to come support community events like this. >> absolutely. that is what fire rescue always does.
i'm really worried with the fiscal cliff and all this conversation that donations will be down this year. please come out and support us again. >> let's up spire them a little bit. the workers are busy getting set up. we have lots of empty bins. we have the truck there to stuff. people need to understand this does make a difference. >> it definitely does. we always need food, friend and volunteers and fun. but we are always in need of those. the community is over 6 # 0,000 people at...
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dow futures at this point are down about by 22. >>> what impact will going over the fiscal cliff have on stocks? we've been talking about it with our guest host dan gilbert. we've decided we have time? >> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which they have done over the last couple years. so, you know, it appears by all measures that you have some time, but you never know because these things can change very rapidly. rates tend to go up higher a lot quicker than they come down. >> you've seen the commercial allied financial where they say the greatest economists in the world and a nobel laureate and do you know where interest rates are going in a year, and he says no. we should know what cd rates are going. >> i think they've done the best they can -- >> what is the maximum amount cd rates could fluctuate in the next 12 months? >> could fluctuate? >> a quarter po
dow futures at this point are down about by 22. >>> what impact will going over the fiscal cliff have on stocks? we've been talking about it with our guest host dan gilbert. we've decided we have time? >> as far as the fiscal cliff? >> no, we have time for mortgages. >> i think we have time. the fed has stated they want to hold short-term interest rates through 2014. we know they don't technically control long-term interest rates unless they are buying mortgages which...
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over the weekend, any more talks good the fiscal cliff and how are we going to get out of it? all of that in the next hour of the "full-court press." so hang around. >> this is "the bill press show." where you don't back down from a challenge. this is the age of knowing how to make things happen. so, why let erectile dysfunction get in your way? talk to your doctor about viagra. 20 million men already have. ask your doctor if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain; it may cause an unsafe drop in blood pressure. side effects include headache, flushing upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. this is the age of taking action. viagra. talk to your doctor. [ music ] >> good morning, fellow americans, and welcome to the "full-court press" this friday morning, december 7th. great to see you today. thanks for being parted
over the weekend, any more talks good the fiscal cliff and how are we going to get out of it? all of that in the next hour of the "full-court press." so hang around. >> this is "the bill press show." where you don't back down from a challenge. this is the age of knowing how to make things happen. so, why let erectile dysfunction get in your way? talk to your doctor about viagra. 20 million men already have. ask your doctor if your heart is healthy enough for sex. do...
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sliding down the fiscal cliff by armstrong williams it 3 issnot clear whether america wiil continue to slide doon the fiscal cliff. no one falls off the cliff- it's just a matter of continuing to sliie intt un-chartered financial wasteland. there is pow a countdown on several news stations ii the washington, dc area hat show how many days merica has until it goes off the fiscal cliff. but despite the fact that there is ess than 30 days for lawmakers to get their aat together to solve the fiscal cciff, the reality of the situation is that it is impossible to solve he fiscal cliff in the four weeks it took americaaa gennration of fiscally-irresponsible fiscal policies, including unfunded entttlement legislation to get us into this mess. it is unreasonable tt expect politicians to get us out of thhs mess before the government decides to go after & aalofty goal such as olving the fiscal cliff, it should focus on reachinggsome more cooplex tax reform and entitlement restructuuing. greece and he rest of the european unnon have dealt with many euro members impending default for several ears.
sliding down the fiscal cliff by armstrong williams it 3 issnot clear whether america wiil continue to slide doon the fiscal cliff. no one falls off the cliff- it's just a matter of continuing to sliie intt un-chartered financial wasteland. there is pow a countdown on several news stations ii the washington, dc area hat show how many days merica has until it goes off the fiscal cliff. but despite the fact that there is ess than 30 days for lawmakers to get their aat together to solve the fiscal...
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potential impact they face from the looming fiscal cliff. it's now just 25 days away. nbc's tracie potts joins us with the details from washington. tracie, good morning to you. >> reporter: lynn, good morning. the white house has been all over social media with this one, asking what would happen if your family had to pay another $2,200 next year in taxes? 100,000 people responded, including that northern virginia family that the president met with yesterday. they said $2,200 for them is a couple months' rent. >> for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem gives you a sense of the costs involved in very personal terms. >> reporter: the other big issue here on capitol hill, raising the debt limit. the president wants a new authority. mitch mcconnell filibustered his own bill. the senate minority leader filibustered his own bill that he had raised earlier about raising the debt ceiling. he called for a vote. democrats called his bluff and agreed to the vote. then he talked
potential impact they face from the looming fiscal cliff. it's now just 25 days away. nbc's tracie potts joins us with the details from washington. tracie, good morning to you. >> reporter: lynn, good morning. the white house has been all over social media with this one, asking what would happen if your family had to pay another $2,200 next year in taxes? 100,000 people responded, including that northern virginia family that the president met with yesterday. they said $2,200 for them is a...
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. >>> now to stories you can bank on this morning the fiscal cliff not the only thing americans are worried about. lauren simonetti breaks down the result of a new survey for us. >> happy friday. you have done some of your holiday shopping, maybe all of it. if your answer is on the credit card you are worried about paying off the bill. a quarter people asked say they will need more than 3 months to pay their holiday expense. that's up from 18 percent last year. credit card debt continues to be the top financial worry many folks are using credit cards less. 55 percent of respondents plan to spend less than $500 each year. >> i understand more and more service jobs are moving overseas. >> out sourcing has become a negative buzz word especially since the recession as more companies send jobs overseas to say money. >> the hackett group says 663,000 jobs innic t, hr and finance have been offshored over the past decade. by 2016175,000 will be brought as well. fist it was low level jobs leaving the u.s. where they could cut expenses 75 percent but now we are seeing high level jobs overseas as well
. >>> now to stories you can bank on this morning the fiscal cliff not the only thing americans are worried about. lauren simonetti breaks down the result of a new survey for us. >> happy friday. you have done some of your holiday shopping, maybe all of it. if your answer is on the credit card you are worried about paying off the bill. a quarter people asked say they will need more than 3 months to pay their holiday expense. that's up from 18 percent last year. credit card debt...
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. >>> in our other big story, president obama takes the fiscal cliff fight to virginia. if there is no deal, the average family of four would have to pay about $2200 in extra taxes. president obama sat down with a falls church family to talk about how ending the bush era tax cuts would affect them. the president says he is in favor of extending tax breaks for people peaking $250,000 a year or less but not for the top 2%. >> i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> there are ways to limit the deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates. >> going over the fiscal cliff also means the 2% payroll tax holiday would expire. it would also mean cuts in unemployment benefits for millions of families. >>> police in prince william county are investigating a sexual assault at a motel in woodbridge. this happened wednesday night. a clerk at the econo lodge says she was attacked by a map in the room. this is the third reported attack
. >>> in our other big story, president obama takes the fiscal cliff fight to virginia. if there is no deal, the average family of four would have to pay about $2200 in extra taxes. president obama sat down with a falls church family to talk about how ending the bush era tax cuts would affect them. the president says he is in favor of extending tax breaks for people peaking $250,000 a year or less but not for the top 2%. >> i'm not going to sign any package that somehow prevents...
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gains were limited because of fiscal cliff concerns with no major progress out of washington. >> we're going to get the november jobs report at 8:30 a.m. eastern this morning. a survey forecasts 8% unemployment. that would be ticking up. 77,000 jobs added. a lot slower growth we have seen for much of this year. october 171,000 jobs were added then. it's likely hurricane sandy affected these numbers. they studied after hurricane katrina and the numbers were revise revised because it was too difficult for them to collect the data during and after the storm. in today's report we'll be watching four sectors. manufacturing, retail, leisure and hospitally and temporary help industries. mark sandy said aside from the storm, the job market turned in a good performance during the month. this is impressive given by the uncertainty of the presidential election. businesses are holding firm in their hiring and firing decisions. another unusual factor in the numbers, the layoffs and strikes at hostess. those could also affect the numbers. hostess filed for bankruptcy last month. i want to bring you
gains were limited because of fiscal cliff concerns with no major progress out of washington. >> we're going to get the november jobs report at 8:30 a.m. eastern this morning. a survey forecasts 8% unemployment. that would be ticking up. 77,000 jobs added. a lot slower growth we have seen for much of this year. october 171,000 jobs were added then. it's likely hurricane sandy affected these numbers. they studied after hurricane katrina and the numbers were revise revised because it was...
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potential impacts they face from the looming fiscal cliff. it's now just 25 days away. nbc's tracie potts joins us with those details from washington. >>> lynn, good morning. good morning, everyone. the president spent time with a family who answered a call from the white house. the question was what would you do if you had to pay another $2200 in taxes. that's what the white house says will be the average impact on middle class families if they don't work out avoiding this fiscal cliff. the president sat down with a couple, a teacher, a man who works at an auto dealership. they live with her family. the family says they're looking at a couple month's rent if they have to pay more taxes. the president reiterated he absolutely will not sign any deal that does not increase taxes on the wealthy in this country. he said the problem is solvable. >> for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem gives you a sense of the costs involved in very personal terms. >> reporter: now in a
potential impacts they face from the looming fiscal cliff. it's now just 25 days away. nbc's tracie potts joins us with those details from washington. >>> lynn, good morning. good morning, everyone. the president spent time with a family who answered a call from the white house. the question was what would you do if you had to pay another $2200 in taxes. that's what the white house says will be the average impact on middle class families if they don't work out avoiding this fiscal...
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. >>> we are counting down and we are now 24 days away from falling off that fiscal cliff. neither the republicans nor the democrats are backing down from their demands. neither side seems willing to take the first step toward real negotiations. >> even on tv they're saying publicly. the president says they are prepared to go over the cliff if the republicans don't agree to end the tax cuts for the healthiest americans. the republicans believe their counteroffer of closing loopholes and limiting deductions is the way to go. one family from falls church is one of many that will be hit very hard for the cuts are not extended. >> a couple thousands dollars means a couple months rent for this family. for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem gives you a sense of the costs involved in very personal terms. >> at a senate hearing yesterday, there was a economist that backed the republicans' plan. he cannot imagine anyone looking at the president's proposal and arguing it wouldn't send the country into reces
. >>> we are counting down and we are now 24 days away from falling off that fiscal cliff. neither the republicans nor the democrats are backing down from their demands. neither side seems willing to take the first step toward real negotiations. >> even on tv they're saying publicly. the president says they are prepared to go over the cliff if the republicans don't agree to end the tax cuts for the healthiest americans. the republicans believe their counteroffer of closing...
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cliff and he's real upset and angry and stuff and then the stocks all go down 10% because of that senator or congressman or that treasury guy and then you get a chance to buy high-quality companies kept down by washington. let's wait for the next gas bag to grab the mike and we'll get them cheaper. washington, will you please get out of our way? we've got a genuine boom brewing if only washington would rise above and set it free. "mad money" will be right back. >>> coming up -- fueling the future? there's new data out about the positive impact of natural gas on the u.s. economy and employment. could exporting this domestic power be our ticket to a bright future? and how could you hop aboard the trend? tonight, cramer drills down on the issue with dominion resources ceo. >>> and later, agita over apple. while the most coveted gifts are on everyone's wish list, worries weigh on investors. should you step in now or is the worst still to come? don't miss cramer's take. >>> plus -- welcome home? you've seen the headlines. the housing market appears to be roaring back to life. but if you think
cliff and he's real upset and angry and stuff and then the stocks all go down 10% because of that senator or congressman or that treasury guy and then you get a chance to buy high-quality companies kept down by washington. let's wait for the next gas bag to grab the mike and we'll get them cheaper. washington, will you please get out of our way? we've got a genuine boom brewing if only washington would rise above and set it free. "mad money" will be right back. >>> coming up...
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this fiscal cliff we talk about, i'm afraid, is no bungee jump. what doesn't go down doesn't by necessity go back up. this is why i'm warmed that the president is working here for an early deal, one before christmas. this country needs to get back on its feet economically. we went under financial chaos under work. president obama came in to right
this fiscal cliff we talk about, i'm afraid, is no bungee jump. what doesn't go down doesn't by necessity go back up. this is why i'm warmed that the president is working here for an early deal, one before christmas. this country needs to get back on its feet economically. we went under financial chaos under work. president obama came in to right
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this fiscal cliff we talk about, i'm afraid, is no bungee jump. what doesn't go down doesn't by necessity go back up. this is why i'm warmed that the president is working here for an early deal, one before christmas. this country needs to get back on its feet economically. we went under financial chaos under work. president obama came in to right things. he's been doing it, gradually getting us to forget how bad things were. they don't blame obama for the weak economy, they still blame w. this isn't about right or wrong. that's what w. did and his crowd did. i want president obama to do what he looks like he's already doing, getting it done right and on time. he knows it's an unc
this fiscal cliff we talk about, i'm afraid, is no bungee jump. what doesn't go down doesn't by necessity go back up. this is why i'm warmed that the president is working here for an early deal, one before christmas. this country needs to get back on its feet economically. we went under financial chaos under work. president obama came in to right things. he's been doing it, gradually getting us to forget how bad things were. they don't blame obama for the weak economy, they still blame w. this...
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go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax on everyone who pays taxes or everyone? everyone means the poor and 47% will start paying. >> greg: if you raise taxes up 2%, eight days of government? >> andrea: the dirty
go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put...
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Dec 7, 2012
12/12
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we know there is broad agreement that going over the so-called fiscal cliff would jeopardize the economic recovery. it would do that by increasing taxes on families, halting employment growth, driving unemployment up instead of down, triggering a deep cuts to programs that families across the country count on. the job before the united states congress is to reach an agreement that builds on the economic progress that we are making, and puts us on a path to fiscal stability. we need to cut more spending, and generate more revenue. we need to do it in a smart way that keeps our economy growing. earlier this year, congress extended the payroll tax cut through 2012. the two percentage point payroll tax cut has played an important role to sustain the recovery. boosting economic growth by an estimated 0.5% of one percentage point, and creating 400,000 jobs. we should continue the payroll tax cut through 2013, and yesterday i introduce legislation that would keep the employee payroll tax at 4.2% next year. to keep the economy growing -- there is good evidence of that in the last couple of months
we know there is broad agreement that going over the so-called fiscal cliff would jeopardize the economic recovery. it would do that by increasing taxes on families, halting employment growth, driving unemployment up instead of down, triggering a deep cuts to programs that families across the country count on. the job before the united states congress is to reach an agreement that builds on the economic progress that we are making, and puts us on a path to fiscal stability. we need to cut more...